MUSCAT: An analysis of traditional commercial banks' activities during the period (January 2023 — January 2024) indicates continued credit growth in the Sultanate of Oman, with total credit granted by banks increasing by 1.8 per cent.
As for credit granted to the private sector, it rose by 2.6 per cent to reach RO 20.1 billion by the end of January 2024.
Regarding the investment item, the total investments of traditional commercial banks in securities saw a 28.1 per cent increase to approximately RO 5.7 billion by the end of January 2024.
Within this item, investment in government development bonds decreased by 15 per cent compared to the same period last year, reaching RO 1.8 billion.
As for their investments in foreign securities, they witnessed a 156.3 per cent increase, reaching RO 2.4 billion by the end of January 2024.
On the other side of the balance sheet — liabilities — total deposits in traditional commercial banks recorded a 12.3 per cent increase to reach RO 24.1 billion by the end of January 2024.
Within the total deposits, government deposits in commercial banks increased by 0.3 per cent to around RO 5.2 billion, and deposits of public sector institutions increased by 60 per cent to about RO 2.3 billion during the same period.
Private sector deposits increased by 10.5 per cent to reach RO 15.9 billion in January 2024, constituting 66 per cent of the total deposits in traditional commercial banks. — ONA
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